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Halifax Manufacturing allows its customers to return merchandise for any reason up to $90$ days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit $($no cash is collected at the time of sale$).$ The company began $2024$ with a refund merchandise selling price. Also during the year, customers returned $$368,000$ in sales of merchandise sold prior to $2024,$ and the rest being merchandise sold during recorded as an adjusting entry at the end of the year.

Required:

Prepare entries to $($a$)$ record actual returns in $2024$ of merchandise that was sold prior to $2024$; $($b$)$ record actual returns in $2024$ of merchandise that was sold during $2024$; and $(c)$ adjust the refund liability to its appropriate balarce at year

What is the amount of the year$-$end refund liability after the adjusting entry is recorded?

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Prepare entries to $($a$)$ record actual returns in $2024$ of merchandise that was sold prior to $2024$; $($b$)$ record actual returns in $2024$ of merchandise that was sold during $2024$; and $($c$)$ adjust the refund liability to its appropriate balance at year end.

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